How I Paid my Credit card Debt - HDFC, ICICI, SBI, ABN , BARCLAYS AND HSBC

Most of my friends had credit cards and I too applied for one. The application was approved and when i received it on my hands i felt proud. The credit limit was mere 15000 and I bought a mobile for the entire amount it in. I converted it into 3 installments and paid it back. By the time I had one more credit card from another bank. Likewise it went on to 8 credit cards. Without fail I paid my monthly dues for some time. My spending spree through credit cards took control over me. I couldn't pay my dues on time. Finance charges and Late payment fee attacked heavily. From paying the actual dues I jumped into paying minimum dues which is the horrible thing any credit card holder can do. Paying just Minimum dues that too after the due date is like throwing your money into a dust bin. Its not worth a single paise. Three months into it over-limit charges too took the place and its was finance charges, late payment fee and over-limit charges. Tension gripped me tightly and all my earnings went for credit card payments.

I had it in my mind that, It is me who spend the money from credit cards and I have to pay it back whatever charges they include in it. I had my costly mobile with me, nice dresses but no peace. I realized that I was a fool to spent so much from credit cards where I owned the card but not really the money in it.

No What can I do ? Should I run way from debts and Cheat the bank or Face the problems till I make some money to pay back. But how can i pay back while the bank is behind me for monthly payments. I realized debt has taken control over me. What Next now was my question I asked to myself.

I didn't want to Cheat the banks and decided to pay all my dues back although at that point of time I didn't have any source to pay back.

One idea sparked in my mind and that gave me the confidence. Yes, the idea was this.

"I am going to pay all my dues back but not as per the terms of the bank. I am going to pay it in my own terms for the money i have used"

I realized that I have not committed a crime to be jailed and I have a heart to pay it back what I have spend. I summed all my dues and calculated in how many installments i can pay the total amount. I tried for a better job severely. I got a job with better salary but I was not really convinced with my job profile. Yet i took it up only for that extra income to pay my dues.

I sent a email to all the banks requesting for a 3 month break in my payments. I know the banks were not going to accept it. But I used this reason to the collection executives to avoid making payment that I am waiting for reply. I said various logical reasons to the bank and collection executives to avoid making payments. I planned this for 3 months but went on to 5 months. By the time I had made some saving and was prepared to pay it back.

Before paying back I asked myself why do I need 8 credit cards. I decided to keep 2 and return back the rest. I requested to the bank and converted the outstanding amount of those 2 credit cards in 6 installments. For the rest 6 credit cards i went for settlement. I calculated how much I have paid before for these cards and made the settlement one by one negotiating for the lowest settlement possible.

In the process I realized that the banks can do nothing legally against you but it is our responsibility to pay their money back. If you have a mind to pay back don't fear then. Take your own time and pay it back.